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Figure Heloc 
BNY’s Head of Markets Macro Strategy Bob Savage notes a sharp divergence between CNY forwards and spot, suggesting hedge unwinding alongside asset outflows. CNY has outperformed peers, yet the bank questions its safe haven role as spot flows show large outflows tied to expatriation.
💡 DMK Insight
CNY’s recent outperformance is raising eyebrows, especially with spot flows indicating significant outflows. Savage’s observation about the divergence between CNY forwards and spot prices suggests that traders might be unwinding hedges, which could signal a shift in sentiment. While the CNY has been a strong performer against its peers, the large outflows hint at potential instability. If expatriation continues, it could undermine the CNY’s perceived safe haven status, leading to increased volatility. Traders should keep an eye on the CNY’s correlation with other assets, particularly commodities and equities, as shifts in sentiment could ripple across markets. Watch for key technical levels in the CNY; a break below recent support could trigger further selling pressure. Additionally, monitor the upcoming economic data releases that could influence market perceptions of the CNY’s stability.
📮 Takeaway
Keep an eye on CNY’s support levels; significant outflows could trigger volatility and impact related markets.
